You can retire at 62 — it’s the earliest age to claim Social Security. But benefits are reduced by about 30% compared to waiting until full retirement age at 67. Most people need $750K–$1.5M in savings alongside Social Security to retire comfortably at 62.
How Much You Need to Retire at 62
| Annual Spending | SS at 62 (est.) | Gap to Fill | Savings Needed (25x gap) |
|---|---|---|---|
| $40,000 | $18,000 | $22,000 | $550,000 |
| $50,000 | $18,000 | $32,000 | $800,000 |
| $60,000 | $18,000 | $42,000 | $1,050,000 |
| $80,000 | $18,000 | $62,000 | $1,550,000 |
Should You Claim Social Security at 62?
| Claiming Age | Monthly Benefit | % of Full | Annual | Break-Even vs. 62 |
|---|---|---|---|---|
| 62 | $1,500 | 70% | $18,000 | — |
| 65 | $1,800 | 86.7% | $21,600 | Age 77 |
| 67 (full) | $2,143 | 100% | $25,716 | Age 79 |
| 70 (max) | $2,657 | 124% | $31,884 | Age 81 |
Claim at 62 if: Health concerns, no other income, need the money now.
Delay if: Good health, have savings to bridge, want maximum lifetime income.
Your Timeline at 62
| Age | Milestone |
|---|---|
| 62 | Social Security available (reduced) |
| 63 | IRMAA look-back (Medicare premium surcharges) |
| 65 | Medicare — healthcare costs drop significantly |
| 66 | Consider Roth conversions before RMDs |
| 67 | Full Social Security retirement age |
| 70 | Maximum Social Security benefit |
| 73 | Required Minimum Distributions (RMDs) begin |
Healthcare: Age 62 to 65
You’re just 3 years from Medicare. Options:
| Option | Monthly Cost | 3-Year Total |
|---|---|---|
| ACA Marketplace | $500–$1,200 | $18,000–$43,200 |
| COBRA (18 months) | $600–$2,000 | Bridge only |
| Spouse’s employer plan | Varies | Best if available |
Budget $25,000–$45,000 for healthcare from 62 to 65.
The Tax Strategy Opportunity
Ages 62–72 can be a powerful window for Roth conversions:
- Income is lower (no salary)
- Social Security may not be taxable yet (if delaying)
- Convert traditional IRA to Roth at low tax rates
- Reduce future RMDs and tax burden
Bottom Line
Retiring at 62 is achievable with $750K–$1.5M in savings plus Social Security. The biggest decision is whether to claim Social Security now (reduced 30%) or bridge with savings and delay for a larger lifetime benefit. If you’re healthy, delaying to 67 typically pays off by age 79.
See can I retire at 60 or can I retire at 65 for comparison.